West Palm Beach Market Report
Investors Hit Pause as They Reassess the New Climate; Companies and Young Professionals Still Drawn to the Market
Employment growth faces long and uneven recovery. Nearly 102,000 jobs were lost from February through April as lockdowns and restrictions curtailed movement and closed businesses. Job losses brought the unemployment rate in Palm Beach County from near a record low of 3 percent at the onset of the crisis to a new high of 14.8 percent in April, though it has since been cut by more than half to 6.8 percent in September. As more businesses reopen, employers have been bringing back workers, growing employment by 51,700 positions from the trough of the downturn, representing 51 percent of lost jobs. The leisure and hospitality sector faces a longer path to recovery with many vacation and travel plans to the metro still on hold. Nonetheless, nearly 47 percent of the 45,700 jobs lost in the sector have returned as of September.